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Jul 12, 2013
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so the creation of environment for the investment is also one of our national priorities. currently, the climate for investment according to international ratings isn't among the top 20, i would say, but i wish we have a chance to get in the same kind of format in five years. i bet we will be in the 20. we are working hard on creating conditions in russia that would be considered by other outside investors as good as in 20 best countries in the world. but even today i think our investment climate is very much underrated, and we are doing much better than some of late. at the same time, also when it comes to russian economy we have enjoyed previous -- [inaudible] fiscal environment. we have accumulated significant reserves. we have two funds, one sovereign fund which is about 40 -- $84 billion and another reserve fund that is another $80-miss -- $80-plus billion. and the national reserves are 500 plus billion dollars as well. we are almost debt-free country because our external debt is no more than 2.5% and including internal debt is around 10, 11%. if you compare it with t
so the creation of environment for the investment is also one of our national priorities. currently, the climate for investment according to international ratings isn't among the top 20, i would say, but i wish we have a chance to get in the same kind of format in five years. i bet we will be in the 20. we are working hard on creating conditions in russia that would be considered by other outside investors as good as in 20 best countries in the world. but even today i think our investment...
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Jul 12, 2013
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zero lower bound and, i hope, you know, at a reasonable period of time we'll be in a more monetary environment. >> on that international theme, you talked about the tripartheid roles of macroprudential regulation, lender of last resort and we look around the globe, the regulatory policies are in some cases done by an organization which is not the central bank. do you see there as being a strong case for bringing that role inside the central bank, or can you see circumstances in which it works to have the macro prudential part in a distinct organization? >> well, different, different countries have different kinds of financial structures as jean claude was saying, europe and the u.s. are different in many ways, etc. but as you look around the world, the trend now, of course, is for financial regulatory activities, financial oversight activities to move back into central banks. i mean, that's happening in europe, that's happening in the u.k., it's happening in the united states. and i think there's good reason for that. one very simple reason is that central banks tend to have the kind of expert
zero lower bound and, i hope, you know, at a reasonable period of time we'll be in a more monetary environment. >> on that international theme, you talked about the tripartheid roles of macroprudential regulation, lender of last resort and we look around the globe, the regulatory policies are in some cases done by an organization which is not the central bank. do you see there as being a strong case for bringing that role inside the central bank, or can you see circumstances in which it...
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Jul 12, 2013
07/13
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. >> (translated): most of those areas with different faiths have been incubating environments for groups who have an extremist ideology. it was a plan. weapons were brought in a long time ago. it was all planned. the lads here had been preparing in case the village was attacked. >> narrator: in may last year, as violence spread across syria, fighting finally broke out between the alawites of aziziya and their sunni neighbors. >> (translated): we were with some young men, not many of us. the attackers were in the hundreds, about 700 gunmen. >> narrator: mohammed mahmoud is part of an alawite militia that protects the village. >> (translated): as the attack intensified and the number of the terrorists increased, we retreated. so they came in here and burned everything. you can see the fire damage. >> narrator: he's convinced that his sunni neighbors have been infiltrated by terrorists with extreme religious beliefs. >> (translated): they are planning to wipe us out. they don't even think of us as humans. in their books they call our sect the "akbiya." the "akbiya" are insects that should l
. >> (translated): most of those areas with different faiths have been incubating environments for groups who have an extremist ideology. it was a plan. weapons were brought in a long time ago. it was all planned. the lads here had been preparing in case the village was attacked. >> narrator: in may last year, as violence spread across syria, fighting finally broke out between the alawites of aziziya and their sunni neighbors. >> (translated): we were with some young men, not...
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Jul 12, 2013
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i certainly share your concern about the internal mcleary environment in russia. as i said at the outset i agree with you as well that wherever we can as we try to do we have to try to work with russian our common interests and we have had success in that regard particularly on foreign-policy issues that we share. with regard to our support for democratic change and reform for those speaking out for a pluralistic society we have to despise the environment continue to work with the russians who are willing to work with us. we are not able to support them as fully and we still need to make support available in other ways and i will if confirmed he eager to work with all of you on the committee to look for more ways to do that. in addition we have to speak out as you said and as i said in my opening when we disagree and we have to work more intensively and more cohesively with our european allies and partners because when we speak together our concerns are even stronger. see let me ask you one question about the trade agreement. how worried are you about the ability
i certainly share your concern about the internal mcleary environment in russia. as i said at the outset i agree with you as well that wherever we can as we try to do we have to try to work with russian our common interests and we have had success in that regard particularly on foreign-policy issues that we share. with regard to our support for democratic change and reform for those speaking out for a pluralistic society we have to despise the environment continue to work with the russians who...
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Jul 12, 2013
07/13
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>> environment agency said the current regulations they believe are adequate to ensure that any shale gas exploration is done in an environmentally appropriate manner. but as you say, we're so densely populated, local people are probably going to have concerns about trucks coming in with equipment and perhaps piping in water. and so i think it is going to take a lot longer than people hope. >> and clearly you need to give local communities a cut of the profits, don't you? you need to incentivize them to -- i don't know how you do that, but i imagine you need to say we'll take the money and build schools or chip in for hospitals. >> that's a standard part of planning in the uk. smart developers know they got to bring in support from local community and no matter what they're building. >> good to talk to you. did you ever play twister, by the way? >> i did. >> we all have done it, right? gone on to some very unusual positions. the man behind one of the world's most popular games twister has passed away. he invented the hugely popular game. this brought partygoers together in some of the
>> environment agency said the current regulations they believe are adequate to ensure that any shale gas exploration is done in an environmentally appropriate manner. but as you say, we're so densely populated, local people are probably going to have concerns about trucks coming in with equipment and perhaps piping in water. and so i think it is going to take a lot longer than people hope. >> and clearly you need to give local communities a cut of the profits, don't you? you need...
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Jul 12, 2013
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>> no, it's a challenging environment you want to own companies like j.p. morgan because they can be in these tough times. they also had excess cash on the balance sheet this quarter. i think they will benefit from the higher interest rates and having that cash redeployed as we go into the third quarter. >> anthony, if you talk about the net interest margin, things impacted by higher rates, how are they going to manage this corner with a sudden and pretty violent spike in the ten-year note deal? how will they manage that when it looked leak they wouldn't be able manage it last quarter before we had the move? >> j.p. morgan has been relatively stable. we have as to wait for the conference details. i think there was an increase in liquidity relative to loan growth. with esa you the margin come down. net interest income missed by 200 million. that's a couple pennies for j.p. morgan. as we go forward, tail have the ability to grow loans and grow the investments securities portfolio at a higher rate than the first half of the year. should benefit net interest go
>> no, it's a challenging environment you want to own companies like j.p. morgan because they can be in these tough times. they also had excess cash on the balance sheet this quarter. i think they will benefit from the higher interest rates and having that cash redeployed as we go into the third quarter. >> anthony, if you talk about the net interest margin, things impacted by higher rates, how are they going to manage this corner with a sudden and pretty violent spike in the...